When it comes to most of the major political disputes in Washington, congressional Republicans insist Democrats focus on reducing the debt Republicans built up during the Bush/Cheney era. It underpins everything from the budget fight to the debt ceiling to efforts to expand public investments.

What the debate tends to ignore is the debt reduction that’s already happened. Michael Linden and Michael Ettlinger† reportedyesterday that since the start of 2011 fiscal year, President Barack Obama “has signed into law approximately $2.4 trillion of deficit reduction” over the next ... Read more